00015113312013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Member2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Member2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099295Member2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099296Member2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099297Member2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099298Member2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099302Member2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099299Member2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099300Member2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099301Member2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099295Memberrr:AfterTaxesOnDistributionsMember2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:C000099295Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-02-062013-02-060001511331desii000183:ProspectusOneMemberdesii000183:S000031884Memberdesii000183:SAndP500IndexMember2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099302Memberrr:AfterTaxesOnDistributionsMember2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:C000099302Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-02-062013-02-060001511331desii000183:ProspectusTwoMemberdesii000183:S000031885Memberdesii000183:MerrillLynchPreferredBenchmarkMember2013-02-062013-02-06iso4217:USDxbrli:pure4972012-09-30Destra Investment Trust II0001511331falsedesii0001832013-02-062013-02-062013-02-06<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Destra
Focused Equity Fund</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Destra
Preferred and Income Securities Fund</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Investment
Objective</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Investment
Objective</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt">The
Fund&#146;s investment objective is to seek long-term capital appreciation.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt">The
Fund&#146;s investment objective is to seek total return, with an emphasis on high current income.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Fees
and Expenses of the Fund</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Fees
and Expenses of the Fund</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160;&#160;For Class A shares,
you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in
the Fund or in other Destra mutual funds.&#160;&#160;&#160;More information about these and other discounts, as well as eligibility
requirements for each share class, is available from your financial professional and in &#147;Shareholder Information&#148; on
page 22&#160;of the Fund&#146;s Prospectus and &#147;Purchases&#148; on page&#160;32 of the Fund&#146;s Statement of Additional
Information.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160;&#160;For Class A shares,
you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000
in the Fund or in other Destra mutual funds.&#160;&#160;&#160;More information about these and other discounts, as well as eligibility
requirements for each share class, is available from your financial professional and in &#147;Shareholder Information&#148; on
page&#160;28 of the Fund&#146;s Prospectus and &#147;Purchases&#148; on page 46 of the Fund&#146;s Statement of Additional Information.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Shareholder
Fees</b> (fees paid directly from your investment)</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Shareholder
Fees</b> (fees paid directly from your investment)</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Annual
Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Annual
Fund Operating Expenses </b>(Expenses that you pay each year as a percentage of the value of your investment)</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Example</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Example</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all
of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year
and that the Fund&#146;s operating expenses remain the same.&#160;&#160;Although your actual costs may be higher or lower, based
on these assumptions your costs would be:</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all
of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year
and that the Fund&#146;s operating expenses remain the same.&#160;&#160;Although your actual costs may be higher or lower, based
on these assumptions your costs would be:</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Portfolio
Turnover</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund&#146;s performance. During the fiscal year ended September 30, 2012, the Fund&#146;s portfolio turnover rate was 42%
of the average value of its portfolio.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;&#160;A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund&#146;s performance. During the fiscal year ended September 30, 2012, the Fund&#146;s portfolio turnover rate was 45%
of the average value of its portfolio.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Principal
Investment Strategies</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Principal
Investment Strategies</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">Under
normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment
purposes) in equity securities.&#160;&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><i>Investment
Process Overview.&#160;&#160;</i>The cornerstone of the sub-adviser&#146;s investment philosophy is that sector and industry performance
is highly correlated with particular stages of the business cycle.&#160;&#160;The sub-adviser overweights equities in sectors
of the S&#38;P 500 Index it believes will experience economic tailwinds, and avoids investing in sectors it views as untimely
at a particular stage of the business cycle. The sub-adviser targets high-quality, market-leading companies within favored sectors.&#160;&#160;The
result is a&#160;<i>core investment style</i>&#160;that shifts portfolio sector and style emphasis over cycles to seek to remain
properly oriented and timely over a full economic and market cycle.&#160;&#160;As of December 31, 2012, the average market cap
of the S&#38;P 500 Index was $25.5 billion.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><br />
<i>Analysis and Emphasis.&#160;&#160;</i>The sub-adviser uses a forward-looking, anticipatory strategy. The foundation of this
strategy is that particular sectors of the S&#38;P 500 Index tend to perform well in certain phases of an economic cycle.&#160;&#160;The
sub-adviser&#146;s investment team analyzes traditional cyclical trends and identifies the characteristics of the current business
cycle.&#160;&#160;The sub-adviser&#146;s proprietary macroeconomic database is a key element of this analysis.&#160;&#160;The
Fund&#146;s portfolio holdings are shifted to newly favored sectors as the forecasted economic backdrop changes. The result is
a&#160;<i>core investment style</i>&#160;that shifts portfolio emphasis over cycles among &#147;value,&#148; &#147;growth at a
reasonable price&#148; and &#147;traditional growth&#148; approaches.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><i>Stock
Selection.&#160;&#160;</i>The S&#38;P 500 Index is the investment universe for the Fund&#146;s portfolio.&#160;&#160;Portfolio
candidates are screened to seek to identify market-leading, financially strong companies. The quality screening process focuses
on companies with characteristics that include:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 1%; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">&#183;&#160;</font></td>
<td style="width: 99%; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Large
Capitalization: Companies most typically with market capitalizations two to three times the S&#38;P 500 Index&#146;s average
market capitalization.</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">&#183;&#160;</font></td>
<td style="font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">High Quality:
Companies with low debt-to-equity ratios, high return-on-equity, and earnings growth opportunity.</font></td></tr>
</table>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 1%; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">&#183;&#160;</font></td>
<td style="width: 99%; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Market
Leading: Companies with a strong competitive position, prospective benefits from secular tailwinds, and a proven management
team.</font></td></tr>
</table><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">Under
normal market conditions, the Fund invests at least 80% of the Fund&#146;s net assets (plus the amount of any borrowings for investment
purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred
securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital
securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily
in the same types of securities.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
Fund may also invest up to 15% of its net assets in common stock. The portions of the Fund's assets invested in various types
of preferred, debt or equity may vary from time to time depending on market conditions. In addition, under normal market conditions,
the Fund invests more than 25% of its total assets in companies principally engaged in financial services.&#160;&#160;The Fund
may also invest up to 40% of its net assets in securities of non-U.S. companies.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
Fund will principally invest in (i) investment grade quality securities or (ii) below investment grade quality preferred or subordinated
securities of companies with investment grade senior debt outstanding, in either case determined at the time of purchase.&#160;&#160;Securities
that are rated below investment grade are commonly referred to as &#147;high yield&#148; or &#147;junk bonds.&#148;&#160;&#160;However,
some of the Fund's total assets may be invested in securities rated (or issued by companies rated) below investment grade at the
time of purchase. Preferred and debt securities of below investment grade quality are regarded as having predominantly speculative
characteristics with respect to capacity to pay dividends and interest and repayment of principal. Due to the risks involved in
investing in preferred and debt securities of below investment grade quality, an investment in the Fund should be considered speculative.&#160;&#160;The
maturities of preferred and debt securities in which the Fund will invest generally will be longer-term (perpetual, in the case
of some preferred securities, and ten years or more for other preferred and debt securities); however, as a result of changing
market conditions and interest rates, the Fund may also invest in shorter-term securities.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt; font-variant: small-caps"><b>Principal
Risks</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt; font-variant: small-caps"><b>Principal
Risks</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">Risk
is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment,
may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment
may not perform as well as other similar investments. The following is a summary description of certain risks of investing in
the Fund.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Equity
Securities Risk</b>&#160;&#151;&#160;Stock markets are volatile. The price of equity securities fluctuates based on changes in
a company&#146;s financial condition and overall market and economic conditions.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Sector
Focus Risk</b>&#151;The Fund will typically focus its investments on companies within particular economic sectors. To the extent
that it does so, developments affecting companies in those sectors will have a magnified effect on the Fund&#146;s net asset value
and total return.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Consumer
Discretionary Companies Risk</b>&#160;- Consumer discretionary companies manufacture products and provide discretionary services
directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international
economy, interest rates, competition and consumer confidence.&#160;&#160;The success of this sector depends heavily on disposable
household income and consumer spending.&#160;&#160;Changes in demographics and consumer tastes can also affect the demand for,
and success of, consumer discretionary products in the marketplace.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Information
Technology Companies Risk</b>&#160;-&#160;&#160;Information technology companies are generally subject to the risks of rapidly
changing technologies, short product life cycles, fierce&#160; competition, aggressive pricing and reduced profit margins, loss
of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product
introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets
or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly
those involved with the Internet, have experienced extreme price and volume fluctuations that often have been unrelated to their
operating performance.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Non-Diversification/Limited
Holdings Risk</b>&#151;The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified
fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these
issuers, may experience increased volatility and may be highly concentrated in certain issues.&#160;&#160;Furthermore, because
the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or
group of issuers.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Investment
Strategy Risk</b>&#151;The Fund invests in common stocks of companies that the sub-adviser believes will perform well in certain
phases of the business cycle.&#160;&#160;The sub-adviser&#146;s investment approach may be out of favour at times, causing the
Fund to underperform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio
construction process.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Market
Risk and Selection Risk &#151;&#160;</b>Market risk is the risk that one or more markets in which the Fund invests will go down
in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the
securities selected by Fund management will under-perform the markets, the relevant indices or the securities selected by other
funds with similar investment objectives and investment strategies. This means you may lose money.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Risks
Associated with Active Management</b>&#151;The Fund is an actively managed portfolio and its success depends upon the investment
skills and analytical abilities of the Fund&#146;s sub-adviser to develop and effectively implement strategies that achieve the
Fund&#146;s investment objective. Subjective decisions made by the investment sub-adviser may cause the Fund to incur losses or
to miss profit opportunities on which it may otherwise have capitalized.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>General
Fund Investing Risks</b>&#151;The Fund is not a complete investment program and you may lose money by investing in the Fund. All
investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective.
In general, the Annual Fund Operating Expenses expressed as a percentage of the Fund&#146;s average daily net assets will change
as Fund assets increase and decrease, and the Fund&#146;s Annual Fund Operating Expenses may differ in the future. Purchase and
redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its objective. Investors
in the Fund should have long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">Risk
is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment,
may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment
may not perform as well as other similar investments. The following is a summary description of certain risks of investing in
the Fund.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Preferred
and Subordinated Security Risk</b>&#151;Preferred and other subordinated securities rank lower than bonds and other debt instruments
in a company&#146;s capital structure and therefore will be subject to greater credit risk than those debt instruments.&#160;&#160;&#160;Distributions
on some types of these securities may also be skipped or deferred by issuers without causing a default.&#160;&#160;Finally, some
of these securities typically have special redemption rights that allow the issuer to redeem the security at par earlier than
scheduled.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Credit
Risk</b>&#151;Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and
principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer&#146;s
ability to make such payments. Credit risk may be heightened for the Fund because the Fund may invest in &#147;high yield&#148;
or &#147;high risk&#148; securities; such securities, while generally offering higher yields than investment grade securities
with similar maturities, involve greater risks, including the possibility of default or bankruptcy, and are regarded as predominantly
speculative with respect to the issuer&#146;s capacity to pay dividends and interest and repay principal.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Interest
Rate Risk</b>&#151;If interest rates rise, in particular, if long-term interest rates rise, the prices of fixed-rate securities
held by the Fund will fall.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Liquidity
Risk</b>&#151;This Fund, like all open-end funds, is limited to investing up to 15% of its net assets in illiquid securities.&#160;&#160;From
time to time, certain securities held by the Fund may have limited marketability and may be difficult to sell at favorable times
or prices.&#160;&#160;It is possible that certain securities held by the Fund will not be able to be sold in sufficient amounts
or in a&#160;sufficiently timely manner to raise the cash necessary to meet any potentially large redemption requests by fund
shareholders.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Concentration
Risk</b>&#151;The Fund intends to invest 25% or more of its total assets in securities of financial services companies.&#160;&#160;This
policy makes the Fund more susceptible to adverse economic or regulatory occurrences affecting financial services companies.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Financial
Services Company Risk</b>&#151;Financial services companies are especially subject to the adverse effects of economic recession,
currency exchange rates, government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations
in geographic markets and in commercial and residential real estate loans, and competition from new entrants in their fields of
business.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Foreign
Investment Risk</b>&#151;Because the Fund can invest its assets in foreign instruments, the value of Fund shares can be
adversely affected by changes in currency exchange rates and political and economic developments abroad. Foreign markets may
be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may
be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund
may have difficulties enforcing its legal or contractual rights in a foreign country.&#160;In addition, the European
financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or
rising government debt levels of several European countries. These events may spread to other countries in Europe, including
countries that do not use the Euro. These events may affect the value and liquidity of certain of the Fund&#146;s
investments.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Currency
Risk</b>&#151;Since a portion of the Fund&#146;s assets may be invested in securities denominated foreign currencies, changes
in currency exchange rates may adversely affect the Fund&#146;s net asset value, the value of dividends and income earned, and
gains and losses realized on the sale of securities.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Non-Diversification
Risk</b>&#151;The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified
fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these
issuers, may experience increased volatility and may be highly concentrated in certain securities.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Convertible
Securities Risk</b>&#151;The market value of a convertible security often performs like that of a regular debt security; that
is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are
subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change
based on changes in the issuer&#146;s credit rating or the market&#146;s perception of the issuer&#146;s creditworthiness. Since
it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject
to the same types of market and issuer risks that apply to the underlying common stock.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>High
Yield Securities Risk</b>&#151;High yield securities generally are less liquid, have more volatile prices, and have greater credit
risk than investment grade securities.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Income
Risk</b>&#151;The income earned from the Fund&#146;s portfolio may decline because of falling market interest rates. This can
result when the Fund invests the proceeds from new share sales, or from matured or called preferred or debt securities, at market
interest rates that are below the portfolio&#146;s current earnings rate.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;<font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
<p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white"><b>Investment
in Other Investment Companies Risk</b>&#151;As with other investments, investments in other investment companies are subject to
market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the
Fund, shareholders&#160;bear both their proportionate share of expenses in the Fund (including management and advisory fees) and,
indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the
Fund itself to hold other investment companies may be limited.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Market
Risk and Selection Risk&#151;</b>Market risk is the risk that one or more markets in which the Fund invests will go down in value,
including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities
selected by Fund management will under-perform the markets, the relevant indices or the securities selected by other funds with
similar investment objectives and investment strategies. This means you may lose money.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>Risks
Associated with Active Management</b>&#151;The Fund is an actively managed portfolio and its success depends upon the investment
skills and analytical abilities of the Fund&#146;s sub-adviser to develop and effectively implement strategies that achieve the
Fund&#146;s investment objective. Subjective decisions made by the investment sub-adviser may cause the Fund to incur losses or
to miss profit opportunities on which it may otherwise have capitalized.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt"><b>General
Fund Investing Risks</b>&#151;The Fund is not a complete investment program and you may lose money by investing in the Fund. All
investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective.
In general, the Annual Fund Operating Expenses expressed as a percentage of the Fund&#146;s average daily net assets will change
as Fund assets increase and decrease, and the Fund&#146;s Annual Fund Operating Expenses may differ in the future. Purchase and
redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its objective. Investors
in the Fund should have long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Fund
Performance</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Fund
Performance</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
following bar chart and table provide some indication of the potential risks of investing in the Fund.&#160;&#160;The Fund&#146;s
past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated
performance information is available at www.destracapital.com or by calling (877) 287-9646.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
bar chart below shows the Fund&#146;s performance for Class A shares.&#160;&#160;The performance of the other share classes will
differ due to their different expense structures.&#160;&#160;The bar chart and highest/lowest quarterly returns that follow do
not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
following bar chart and table provide some indication of the potential risks of investing in the Fund.&#160;&#160;The Fund&#146;s
past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated
performance information is available at www.destracapital.com or by calling (877) 287-9646.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
bar chart below shows the Fund&#146;s performance for Class A shares.&#160;&#160;The performance of the other share classes will
differ due to their different expense structures.&#160;&#160;The bar chart and highest/ lowest quarterly returns that follow do
not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">*
Class A year-to-date total return as of December 31, 2012 was 12.98%.</font></p>
<p style="font: 7pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During
the period ended December 31, 2012, the Fund&#146;s highest and lowest quarterly returns were 14.50% and (5.83)%, respectively,
for the quarters ended March 31, 2012 and June 30, 2012.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font-size: 10pt; background-color: white">*
Class A year-to-date total return as of December 31, 2012 was 16.63%.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">During
the period ended December 31, 2012, the Fund&#146;s highest and lowest quarterly returns were 6.44% and 1.65%, respectively, for
the quarters ended March 31, 2012 and December 31, 2012.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The
table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance. All after-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class
A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific
tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in
tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Both
the bar chart and the table assume that all distributions have been reinvested.&#160;&#160;Performance reflects fee waivers, if
any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">The
table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance.&#160;&#160;All after-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes.&#160;&#160;After-tax returns are shown for Class A shares only; after-tax returns for other share classes
will vary.&#160;&#160;Your own actual after-tax returns will depend on your specific tax situation and may differ from what is
shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored
retirement plans.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">&#160;</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 10pt">Both
the bar chart and the table assume that all distributions have been reinvested.&#160;&#160;Performance reflects fee waivers, if
any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced.</font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Average
Annual Total Returns for the Periods Ended December 31, 2012</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Average
Annual Total Returns for the Periods Ended December 31, 2012</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Redeemed</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Redeemed</b></font></p><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Not
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Redeemed</b></font></p>0.00850.00850.00850.00850.00750.00750.00750.00750.00250.01000.00250.00000.00250.01000.00250.00000.02650.0926.02650.03570.03780.06830.03780.04440.00010.00010.00010.00010.03760.1112.03760.04430.04780.08580.04780.0519-0.0215-0.0876-.0205-0.0310-0.0328-0.0633-0.0318-0.03970.01610.02360.01710.01330.01500.02250.01600.01220.05750.00000.00000.00000.04500.00000.00000.00000.00000.01000.00000.00000.00000.01000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000-0.0000-0.0000-0.0200-0.02000.00000.0000-0.0200-0.02000.00000.00000.00000.00000.00000.00000.00000.000072933917413559632816312410547365394219047035053871401126072912341205670237626961601216525851477729239174135596228163124105473653942190470350538714011260729123412056702376269616012165258514770.12980.1663Class A (return before taxes)Class C (return before taxes)Class I (return before taxes)Class A (return before taxes)Class C (return before taxes)Class I (return before taxes)Class A (return after taxes on distributions)Class A (return after taxes on distributions and sale of Fund shares)S&P 500 Index (reflects no deduction for fees, expenses or taxes)Class A (return after taxes on distributions)Class A (return after taxes on distributions and sale of Fund shares)BofA Merrill Lynch Preferred Benchmark (reflects no deduction for fees, expenses or taxes)0.06510.11110.13360.11360.14760.170.06450.04310.14070.10240.07850.15252011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-122011-04-12<p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">&#160;For
Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $50,000 in the Fund or in other Destra mutual funds.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">&#160;For
Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $100,000 in the Fund or in other Destra mutual funds.&#160;&#160;</font></p>50000100000<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Class
C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations.&#160;&#160;Other Expenses
for Class P shares are based on estimated amounts for the Fund&#146;s current fiscal year.&#160;&#160;Other Expenses may include
acquired fund fees, which were not included as fund expenses in the annual report.</font></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Class
C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations.&#160;&#160;Other Expenses
for Class C and Class P shares are based on estimated amounts for the Fund&#146;s current fiscal year.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">February
1, 2022</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">February
1, 2022</font></p>0.420.45<p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Under
normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment
purposes) in equity securities.&#160;</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Under
normal market conditions, the Fund invests at least 80% of the Fund&#146;s net assets (plus the amount of any borrowings for investment
purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred
securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital
securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily
in the same types of securities.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">You
may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">You
may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white"><b>Non-Diversification/Limited
Holdings Risk</b><font style="word-spacing: 0px">&#151;The Fund is non-diversified, which means that it may invest in the securities
of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence
affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues.&#160;&#160;Furthermore,
because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer
or group of issuers.</font></font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white"><b>Non-Diversification
Risk</b><font style="word-spacing: 0px">&#151;The Fund is non-diversified, which means that it may invest in the securities of
fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence
affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.</font></font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">year-to-date
total return</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">year-to-date
total return</font></p>0.12980.16632012-12-312012-12-31<p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">highest
quarterly returns</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">highest
quarterly returns</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">lowest
quarterly returns</font></p><p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">lowest
quarterly returns</font></p>0.14500.0644-0.05830.01652012-06-302012-12-312012-03-312012-03-31<p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">All
after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">All
after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">After-tax
returns are shown for Class A shares only; after-tax returns for other share classes will vary.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">After-tax
returns are shown for Class A shares only; after-tax returns for other share classes will vary.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Your
own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns
are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Your
own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns
are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">www.destracapital.com</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">www.destracapital.com</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">(877)
287-9646</font></p><p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">(877)
287-9646</font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Calendar
Year Total Returns as of 12/31</b></font></p><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Calendar
Year Total Returns as of 12/31</b></font></p><div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusOneMember column dei_LegalEntityAxis compact desii000183_S000031884Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact desii000183_ProspectusTwoMember column dei_LegalEntityAxis compact desii000183_S000031885Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>0.03590.08930.07620.08140.13720.11400.03560.03060.09970.07080.06490.1498A contingent deferred sales charge of 1.00% may apply to Class A shares purchased without an initial sales charge if redeemed within 12 months of purchase.Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year. Other Expenses may include acquired fund fees, which were not included as fund expenses in the annual report.The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 1.60% for Class A, 2.35% for Class C, 1.70% for Class P and 1.32% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust.Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year.Acquired fund fees were not included as fund expenses in the annual report.The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 1.50% for Class A, 2.25% for Class C, 1.60% for Class P and 1.22% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust.